Velocity Checking
Earn up to 2.02% APY* on your checking account
Join our community of money-savvy members enjoying higher rates and digital banking from day one.
Your first $10,000 earns 2.02% APY* when you meet three basic criteria:
- Enroll in Online Banking
- $2,000+ ACH Deposits per Month
- 11+ posted Debit/Credit card transactions per month
Additionally, everything over $10,000 earns:
- 0.50% APY* when you have a qualifying loan or certificate
- 0.20% APY* when you do not have a qualifying loan or certificate
Velocity Checking Rates*
With qualifying loan or Certificate
| Average Daily Balance Tiers | APY* |
|---|---|
| First $10,000 ($0.00-$10,000.00) | 2.02% |
| Everything over $10,000 | 0.50% |
Rates effective as of 10/1/2022
Without qualifying loan or Certificate
| Average Daily Balance Tiers | APY* |
|---|---|
| First $10,000 ($0.00-$10,000.00) | 2.02% |
| Everything over $10,000 | 0.20% |
Rates effective as of 10/1/2022
Here’s an example of how much you could earn with a total average balance of $75,000 and you meet the basic criteria & have a qualifying loan or Certificate:
| Tiered Balance | APY* | Annual Interest | ||
|---|---|---|---|---|
| $10,000 | @ | 2.02% | = | $202 |
| $65,000 | @ | 0.50% | = | $325 |
| Total Earned $527 |
*Earn 2.02% APY2 on your average3 balance up to $10,000 when you: Enroll in Online Banking and e-statements, have ACH deposits of at least $2,000.004 per month, and have at least 11 posted4 debit and/or credit card transactions per month. Additionally, earn 0.50% APY on average balances greater than $10,000 when you have a qualifying loan or Certificate5 or 0.20% APY on balances greater than $10,000 when you do not have a qualifying loan or Certificate. If you don’t meet the qualification requirements you will earn 0.05% APY on your average balance.
2 APY = Annual Percentage Yield. Your interest rate and annual percentage yield are subject to change at our discretion and pursuant to applicable law. All applicants must meet Frontier Credit Union membership and account opening requirements.
3 Interest earned based on average daily balance.
4 ACH deposits must be in the same account.
5 Posted transactions cleared by the end of the account statement cycle. Debit card transactions will only count if made from the Velocity Checking share.
5 The term “qualifying loan” is defined as an open loan with a month-end balance, but excluding Personal Lines of Credit. The term “Certificate” is defined as a Certificate of Deposit.
6 This advertisement is not affiliated with, endorsed by, or sponsored by any third-party company. Frontier Credit Union will not assume any direct payments for subscription services. The examples of subscriptions provided herein are illustrative of potential expenditures that may be financed using interest accrued on your account, contingent upon meeting specific eligibility criteria. Please note that certain restrictions may apply.
A Guide to High-Yield* Checking Accounts
Many people wonder if their checking account could do more than just hold money. A high-yield* checking account offers everyday convenience along with real earnings. Velocity Checking is a safe, high-yield credit union checking account that is simple to use and rewards your spending.
A high-yield* or rewards checking account works like a traditional checking account but offers a higher annual percentage yield (APY*) than the national average. You can use your debit card, set up direct deposit, pay bills, and manage your money through mobile or online banking. The difference is that your balance earns interest when you meet a few simple monthly requirements.
For Frontier Credit Union’s Velocity Checking, those requirements are:
- Enroll in Online Banking and eStatements
- Receive at least $2,000 or more in ACH deposits per month (direct deposit counts)
- Complete 11 or more posted debit or credit card transactions each month
When you meet those qualifications, your first $10,000 earns 2.02% APY*. Balances over $10,000 earn 0.50% APY* if you have a qualifying loan or certificate, or 0.20% APY* if you do not.
If you miss the qualifications in any month, you’ll still earn a base interest rate- there are no penalties and no monthly maintenance fees. The account also has no minimum balance requirement, so you can maintain whatever balance fits your needs without worrying about charges. Your funds are federally insured by the NCUA up to applicable limits.
Many members choose to pair their Velocity Checking account with a savings account to organize their money between daily spending and long-term savings goals. This setup keeps funds accessible while helping you earn more across both accounts.
Credit unions are member-owned and focused on value, not shareholder profit. That structure allows them to return more benefits to members through higher annual percentage yields (APYs*), lower monthly maintenance fees, and personalized financial support.
Some banks attract attention with temporary bonuses or limited-time high interest offers, while credit unions emphasize steady, reliable earnings and transparent terms. Credit union members often appreciate how easy it is to connect their checking account to a savings account for everyday transfers or automated direct deposit setups.
Benefits of Credit Union Checking Accounts
- Lower monthly fees and few or no monthly maintenance fees
- Federally insured deposits through NCUA
- Local, personal support for account management
- Consistent annual percentage yield performance on qualified balances
For many members, the trade-off is worth it. The combination of low costs, high-yield* potential, and community connection makes a credit union checking account a dependable part of a well-rounded financial plan.
Here’s a step-by-step approach to deciding if this kind of account is right for you.
1. Review the APY* Structure
Check how the rate applies and whether there’s a balance cap.
2. Understand the Minimums
Confirm any opening or ongoing balance requirements.
3. Check for Fees
Look for service or paper statement fees. Many credit unions waive these when you meet activity requirements.
4. Verify Deposit Insurance
Choose an NCUA-insured (credit union) or FDIC-insured (bank) institution. Both insure deposits up to $250,000 per individual per institution.
5. Confirm Access and Convenience
Ensure mobile banking, bill pay, and e-statements fit your lifestyle.
If these points align with your habits, the account likely fits your routine.
A high-yield* checking account complements savings or money market accounts. The checking side gives daily access, while savings builds longer-term growth.
Members often keep their average balance below the APY* cap and move any extra funds into savings or money markets for additional yield.
This type of account can be a good match if you:
- Use your debit card regularly
- Receive direct deposits
- Prefer mobile banking
- Keep enough in checking to meet the minimum activity level
If that sounds like you, a high-yield checking account can reward everyday spending. If not, a high-yield savings account may suit you better.
Opening one is simple:
- Confirm membership eligibility.
- Gather ID and funding details.
- Apply online or in person.
- Set up online tools and mobile access.
- Track your monthly debit and deposit activity.
Our friendly staff can assist at any step.
APY shows how much you earn in a year, including compounding. Even a small difference in rate adds up.
For example, $5,000 in a high-yield checking account at 4.00% APY earns about $200 a year. The same balance in a standard account at 0.01% earns less than a dollar.
Rates can change based on market conditions, so always review disclosures. But the main idea is consistent: a higher APY helps your everyday funds grow.
Most bank or credit union checking accounts that offer high-yield options share a similar structure. These accounts are designed to make everyday banking simple while helping your money earn a competitive annual percentage yield (APY*) on eligible balances.
Here’s what you can generally expect:
- Competitive annual percentage yield* on balances up to a set limit
- No or low monthly fees when qualifications are met
- Clear minimum balance requirements that are easy to maintain
- Simple online account opening with a low minimum opening deposit
- Full mobile and online access for convenient account management
- Overdraft protection options for added peace of mind
- The ability to link to a savings account or money market account for easier transfers and higher overall earnings
Many institutions also offer mobile tools that show your progress toward meeting monthly qualifications, making it easy to see when you’ll earn the top rate.
Suppose your account pays 5.00% APY* on balances up to $20,000.
- $10,000 would earn about $500 per year.
- $20,000 would earn about $1,000 per year.
These figures assume you meet activity requirements and maintain your balance. If you don’t, you’ll earn a lower rate but never lose principal.
This flexibility is what makes high-yield* checking appealing.
Frontier Credit Union’s Velocity Checking rewards simple habits many members already practice:
- Enrolling in e-statements
- Making regular debit card purchases
- Receiving at least one direct or qualifying ACH deposit
Meeting those conditions earns a competitive yield* on balances up to the published cap, with no hidden fees or high minimums. If you don’t meet the qualifiers in a month, you still earn a base rate and can reset the next cycle. There’s no large opening deposit required, and funds are fully insured through NCUA. The account includes all the digital tools you expect, such as mobile deposit and bill pay. It’s designed to be easy to use and easy to understand.
All credit union checking accounts at federally insured institutions are protected by NCUA insurance up to $250,000 per member, per ownership category. This protection is automatic and backed by the U.S. government.
Your principal remains safe regardless of rate changes. That security is the foundation of every high-yield checking program: steady earnings, clear terms, and peace of mind.
Is it good to have a checking account with a credit union?
Yes. Credit unions often provide lower fees, better rates, and a personal connection.
What is the best credit union to bank with?
That depends on your needs. Look for consistent APYs*, transparent terms, and strong local support.
Are high-yield checking accounts worth it?
For members who meet the activity requirements, yes. They offer real earnings without locking up your funds.
What is the main downside to opening an account at a credit union?
Smaller branch networks, though most credit unions now offer strong digital tools.
